div > div.group > p:first-child"> This follows media reports on Tuesday that Commerzbank had been approached by Dutch bank ING about a possible merger, prior to commencement of talks with Deutsche. Commerzbank shares climbed 3% on Wednesday morning as markets reacted to the news.The two German giants went public with merger talks last month, prompting labor union concerns about possible job losses and questions from analysts about the merits of a combination.
'I think the government would like to put them together to get rid of some risks, but I don't think they want the job losses that will come with it. So these banks have too many employees. If you look at American banks, if you look at the well-run European banks - much higher revenue per employee than the German banks are generating.'
Armstrong, said ING would be a 'great partner' for Commerzbank, but suggested job cuts were the only way Germany's second-largest bank would be attractive as a takeover candidate.
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